First Majestic Silver Corp. (AG) reported total production of 7.9 million silver-equivalent (AgEq) ounces in the second quarter of 2025, including 3.7 million silver ounces and 33,865 gold ounces. This marks a 48% year-over-year increase, driven by a 76% rise in silver production. The acquisition of Gatos Silver, Inc. in January 2025 contributed significantly to this output, with Cerro Los Gatos contributing 2.4 million AgEq ounces.
Mine Performance Highlights
In Q2 2025, the San Dimas mine produced 2.46 million AgEq ounces (1.24 million ounces of silver and 12,472 ounces of gold), reflecting a 17% increase year-over-year. The Santa Elena mine produced 2.32 million AgEq ounces, a decline of 10% year-over-year, while La Encantada produced 628,105 ounces of silver, a 7% increase. Cerro Los Gatos contributed 1.52 million ounces of silver and also produced zinc and lead.
Production Guidance Update
Following strong Q2 results, First Majestic has raised its full-year production guidance to 30.6-32.6 million AgEq ounces, up from the previous estimate of 27.8-31.2 million AgEq ounces.
